INSTA EDUCATION LOAN OF UPTO RS. 1 CRORE – ICICI BANK
ICICI Bank has launched an initiative called ‘Insta Education Loan’ with an instant approval of education Loans upto Rs. 1 crore
It’s a first of its kind facility which will allow almost thousands of customers to obtain educational loans through a complete digital process against their fixed deposits with bank, which shall act as a collateral for the educational loan.
This step will help those customers who wish to pursue their higher studies but due to the financial constraint have to dropped their idea. Through this Insta Education loan as launched by ICICI bank, customers can send themselves or their children or their grandchildren or siblings for higher studies in a reputed college and universities.
Important Features of ‘Insta Education Loan
Few of the important features of this ‘Insta Education Loan’ are given below:
- Through this ‘Insta Education Loan’ facility, sanction letter can be generated without any trouble. Normally it takes few days for the customers to obtain sanction letter for an education1al loan.
- Just by furnishing this sanction letter to the educational institute the customers can confirm their admission.
- Upto 90% of the Fixed Deposit amount with ICICI Bank can be applied for the Loan.
- For taking admission in any foreign institutes, applicant can take the loan which ranges between Rs. 10 lakh to Rs. 1 crore. And in case of taking admission in domestic institutes, loan can be taken by the student ranging between Rs. 10 lakh to Rs. 50 lakh.
- The loan amount and term of repayment up to 10 years can be chosen via internet banking platform of the bank.
- Interest on the loan amount is allowed as tax deduction from annual taxable income as per the section 80E of the Income Tax Act, 1961. This rebate will be available upto 8 years.
Sudipta Roy, Head - Unsecured Assets, ICICI Bank said in a statement that "Students can now complete the application process of colleges/universities without worrying for their financial requirements.” Further Sudipta Roy added that “They along with their parents can avail this facility with digital convenience and without any hassle of paper work.
Steps to apply for the ‘Insta Education Loan’:
- The customer has to visit the ICICI Bank’s internet banking platform and there they have to make login into their account.
- After logging into their account, one has to check the pre-approved offer.
- Then a page will appear where they have to enter the requisite details such as total loan amount, terms of repayment, mention the name of college/university and total course fees. Thereafter, with the help of an automatic calculator, one will get to know the details of the Equated Monthly Installment (EMI).
- Then the customer has to enter further details such as name, date of birth and relation with student.
- After that, the customer need to check the final offer and have to agree to terms & conditions as made by the Bank and then have to submit the application.
- After submitting the application, for the purpose of authentication the customer will receive One Time Password (OTP) on their registered mobile number. The OTP then have to be submitted.
- After the authentication process, customer have to pay the processing fee. And after paying the same, a provisional sanction letter will be generated instantly.
- The customer will receive the sanction letter to their registered email ID along with details of the designated relationship manager.
- For the final process, the customer has to visit the bank branch and will have to meet with the mentioned relationship manager along with the provisional sanction letter. The bank will disburse the loan amount to the respective educational institute after collecting required documents such as admission letter, financial documents and signatures.
To sum it up, only this can be said that such steps taken by the prime Banks will provide the much needed booster to all those students/applicants who have the dream to pursue higher studies in any reputed institution.